MKEA
Level 2
02-10-2024
12:13 PM
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Thanks for your reply, dkh. My main concern is whether I need to be filing a Sch D and a Form 4797 page 2. I would have thought that PS would generate them, but it hasn't.
To answer your questions:
Yes, I've entered amounts paid. (BTW, this is a 2022 return.)
You're right about the truck. All the depreciation recapture is taxable in 2022.
The other asset is a noncompete agreement - ordinary income.